"This was the buyer's first purchase in Texas," says PatrickShort, a loan officer in the Austin office of BMC Capital, whichoriginated the loan. "We were able to arrange a 10-year fixed rateamortized over 30 years with only a five-year declining prepaymentpenalty to provide more flexibility in their hold strategy."

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Built in 1974, Park Dale Garden has a mix of one- andtwo-bedroom units from 620 sf to 1,176 sf. Rents range from $499 amonth for the smallest one-bedroom, one-bath unit to $650 for atwo-bedroom, two-bath unit with den. Amenities include clubhouse,access gate, on-site laundry, night security patrol, swimming pool,playground and disability access. The complex is about 90% leased.The buyer plans to raise rents and make moderate interior andexterior improvements.

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The list of properties sold by Tarragon recently include theVilla Tuscany Apartments and Deerwood Village Apartments inOrlando, FL for $72.9 million; Floresta Apartments in Jupiter for$60.2 million; a six-property portfolio in various Southeastmarkets for $156 million; and the Cason Estates Apartments inMurphreesboro, TN for $27 million. A national developer of homes,condominiums, townhomes and mixed-use communities with more than14,000 homes in development, the company has been facing liquidityproblems and was delisted by Nasdaq in January.

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Tom Warren and Christopher Thomson with the Dallas office ofHendricks & Partners and Ed Cummins and Jim Hearn with thecompany's Houston office represented the seller in the transaction.Torrance, CA-based Copelan Group Inc. represented the buyer.

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